Texas bests nation in job growth June 19, 2012 6:00 pm
COLLEGE STATION (Real Estate Center) – The Texas economy gained 228,500 nonagricultural jobs from May 2011 to May 2012, an annual growth rate of 2.2 percent compared with 1.4 percent for the United States, according to the Real Estate Center’s latest Monthly Review of the Texas Economy.
The state’s private (nongovernment) sector gained 279,800 jobs, an annual growth rate of 3.2 percent compared with 1.8 percent for the nation’s private sector.
Texas’ seasonally adjusted unemployment rate fell to 6.9 percent in May 2012 from 8.1 percent in May 2011. The nation’s rate decreased from 9 to 8.2 percent. The state’s actual unemployment rate in May 2012 was 6.5 percent. Midland had the lowest unemployment rate followed by Odessa, Amarillo, Lubbock, San Angelo and Abilene.
The state’s mining and logging industry ranked first in job creation, followed by leisure and hospitality and other services.
The information industry remained in the red, losing 600 jobs, while all other Texas industries had more jobs in May 2012 than in May 2011. The government sector also lost jobs.
All Texas metro areas except Victoria, Wichita Falls, College Station-Bryan and Abilene had more jobs in May 2012 than in May 2011. Odessa ranked first in job creation, followed by Laredo, Texarkana, Corpus Christi and Lubbock.
The full report, written by Research Economist Dr. Ali Anari and Chief Economist Dr. Mark Dotzour, is posted on the Center’s website.